Buffett’s Berkshire admits worst investment ever: dumps stake in General Motors

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On Tuesday, Berkshire Hathaway announced the divestment of its General Motors holdings as the conglomerate, overseen by billionaire Warren Buffett, increased its cash reserves to a record-breaking $157.2 billion. In a regulatory filing outlining its U.S.-listed stock holdings as of September 30, Berkshire revealed that it no longer held any shares in GM, marking a significant shift from its reported stake of $848 million in June. The reduction in Berkshire’s GM stake amounted to a 45 percent decrease in the previous quarter ending in June.

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